DDM Analysis: NTN.L

Valuation Snapshot

Stable Growth	$0.90 - $1.52	$1.17
Multi-Stage	$0.98 - $1.06	$1.02
Blended Fair Value	$1.10
Current Price	$0.84
Upside	30.42%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.35%	5.35%	0.04	0.04	0.05	0.07	0.03	0.03	0.04	0.06	0.05	0.07
YoY Growth	-	-	2.82%	-4.12%	-36.63%	123.28%	17.31%	-23.33%	-36.47%	12.34%	-33.12%	181.14%
Dividend Yield	-	-	5.31%	5.14%	5.36%	7.56%	3.52%	3.90%	4.14%	6.26%	4.94%	7.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9.99
(-) Cash Dividends Paid (M)	7.61
(=) Cash Retained (M)	2.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.00	1.25	0.75
Cash Retained (M)	2.39	2.39	2.39
(-) Cash Required (M)	-2.00	-1.25	-0.75
(=) Excess Retained (M)	0.39	1.14	1.64
(/) Shares Outstanding (M)	137.83	137.83	137.83
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.06	0.06	0.07
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	3.35%	4.35%	5.35%
Fair Value	$0.90	$1.17	$1.52
Upside / Downside	7.32%	39.49%	80.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.99	10.43	10.88	11.36	11.85	12.36	12.74
Payout Ratio	76.12%	78.90%	81.67%	84.45%	87.22%	90.00%	92.50%
Projected Dividends (M)	7.61	8.23	8.89	9.59	10.34	11.13	11.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	3.35%	4.35%	5.35%
Year 1 PV (M)	7.41	7.48	7.55
Year 2 PV (M)	7.21	7.35	7.49
Year 3 PV (M)	7.00	7.20	7.41
Year 4 PV (M)	6.79	7.06	7.33
Year 5 PV (M)	6.59	6.91	7.25
PV of Terminal Value (M)	99.59	104.50	109.60
Equity Value (M)	134.58	140.50	146.63
Shares Outstanding (M)	137.83	137.83	137.83
Fair Value	$0.98	$1.02	$1.06
Upside / Downside	16.24%	21.36%	26.66%

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Northern 3 VCT PLC (NTN.L)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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